Iraqi News Highlights Late Monday Evening 7-24-23
Tlm724 Administrator Bondlady’s Corner
Economic Warning Of Iraq’s Return To Chapter VII
July 24 09:14 Information / Baghdad… Economic expert Abd al-Hasan al-Shammari warned, on Monday, that Iraq would return to Chapter VII and impose sanctions on it due to banking violations of the Swift system, stressing the importance of diversifying the sources of the economy and trade exchange with capitalist countries.
Al-Shammari told Al-Maalouma, “The government does not need to take measures to ensure that the exchange rate of the dollar is returned to its official price, after it recorded an increase from its previous level a week ago today, especially after imposing sanctions on a number of Iraqi banks.”
He added, “Ensuring that sanctions are not imposed on Iraqi banks and the continuation of selling the dollar in its natural state depends on Iraq’s commitment to international resolutions and the Swift system, and otherwise, Baghdad will face sanctions that may return it to Chapter VII.”
And he indicated that “the exchange rate of the dollar may reach 1,700 dinars in the coming days, in the event that sanctions and transactions that violate international resolutions continue to be imposed.”
He pointed out that “the country is liable to return to the oil-for-food program if the situation continues as it is.” Al-Shammari pointed out, “the importance of heading towards the rich capitalist countries in order to diversify the sources of the economy and trade exchange.” ended 25 n
https://almaalomah.me/news/economy/تحذير-اقتصادي-من-عودة-العراق-للفصل-السابع
A Human Rights Center Warns Of “Great Risks” Due To The Depreciation Of The Iraqi Dinar
Economy U.S. dollar high price 2023-07-23 23:28 Shafaq News/ The Strategic Center for Human Rights in Iraq warned, on Monday, of “great risks” due to the rapid depreciation of the Iraqi dinar against the dollar.
“This matter portends an increase in the number of the poor and the unemployed, an increase in the prices of food and consumer goods, and its direct impact on the daily lives of citizens,” said the center’s deputy head, lawyer Hazem Al-Rudaini, in a statement received by Shafaq News agency.
He demanded that the government and the Central Bank of Iraq “need to take quick steps to preserve the value of the Iraqi dinar against the dollar by providing it at all airports and selling it to travelers directly and without intermediaries and following up on the work of private banks that buy dollars from the daily currency auction.”
The value of the Iraqi dinar witnessed a noticeable decline against the US dollar during the past days after the United States announced the inclusion of 14 Iraqi private banks on the sanctions list due to currency smuggling. https://www.shafaq.com/ar/اقتصـاد/مركز-حقوقي-يحذر-من-مخاطر-كبيرة-لانخفاض-قيمة-الدينار-العراقي
The House Of Representatives Reveals The Details Of Hosting The Governor Of The Central Bank Regarding The Exchange Rate Of The Dollar
Political | 03:56 – 07/24/2023 Baghdad – Mawazine News revealed the media department of the House of Representatives, details of hosting the Governor of the Central Bank of Iraq, Ali Al-Alaq, regarding the cause of the crisis of the high exchange rate of the dollar in Iraq.
The media department of the House of Representatives stated in a statement that Mawazine News received a copy of it, that “the Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, hosted the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector and the high exchange rates of the dinar against the dollar, and the reasons for the sanctions imposed on a number of Iraqi banks.”
During the hosting, which was attended by a number of deputies from other committees, the head of the committee affirmed that “there is optimism in the process of reforming the economic reality, money management, and the path of controlling the exchange rate.”
He added, “We hope to achieve economic stability and improve performance,” pointing out that there is a problem related to the existence of sanctions imposed on some banks, which leads to challenges that must be faced and the need to find measures to control the labor market and the exchange rate. In a fundamental way.” And he indicated, “The general principle of monetary stability is the exchange rate’s link to cash,” adding that “the problem lies in the increased demand for currency, while the bank provides currency through the platform and its willingness to cooperate in order to get out of the crisis
The members of the committee asked a number of questions regarding the reasons for the rise in exchange rates, the penalties imposed on some banks, and what are the procedures that the Central Bank follows to find out the details, with the importance of developing radical solutions to that crisis.
The observations focused on the need to follow a monetary policy concerned with achieving economic packages that meet the requirements of the labor market, determining the number of banks approved by the central bank, and finding clear plans to address the financial situation, since the most affected is the Iraqi citizen and the poor groups, as well as how to protect the Iraqi dinar, and monitor exchange companies, in addition to procedures for dealing with banks, stressing the importance of concerted efforts in order to support the financial institution and avoid the results of the stage., according to the statement.
At the end of the meeting, the Finance Committee emphasized “supporting the decisions taken by the government so that they are in the public interest of the country and building a developed financial and economic system.” https://www.mawazin.net/Details.aspx?jimare=231972
It Does Not Bode Well” .. Behind The Scenes Of Hosting The Governor Of The Central Bank In Parliament
Economy Iraqi parliament dollar price US sanctions Iraqi banks Governor of the Central Bank On the relationship
2023-07-24 08:35 Shafaq News / The Finance Committee in the Iraqi parliament revealed, on Monday, new details and “scenes” of what happened while hosting the Governor of the Central Bank, Ali Al-Alaq, in the House of Representatives.
The deputy head of the committee, Ahmed Mazhar al-Jubouri, told Shafaq News agency, “The hosting witnessed the discussion of the recent US sanctions on Iraqi banks, in addition to the exchange rate file and the decline of the dinar in front of the dollar’s rise.”
Al-Jubouri added, “The central bank governor’s speech during the hosting session does not bode well, and the solutions put forward by the central bank regarding the crisis are formal,” stressing that “the bank will lose $140 million per month due to the sanctions imposed by the US Treasury on Iraqi banks.”
He pointed out that “this money that the bank will lose was sold by the central bank to banks that have been affected by sanctions recently,” pointing out that “the sanctions will negatively affect the market, and the exchange rate of the dollar against the dinar will continue to rise in the coming days.”
Earlier today, the Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, regarding the discussion of the banking sector, the rise in the exchange rates of the dollar against the dinar, and the reasons for the US sanctions imposed on a number of Iraqi banks.
And the exchange rates of the US dollar continued to rise against the Iraqi dinar, on Monday, in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange, as it touched 154 thousand dinars for every 100 dollars.
This rise began after the US Treasury imposed, on Wednesday, July 19, sanctions on 14 Iraqi banks in a campaign to prevent the dollar from reaching Iran.
https://www.shafaq.com/ar/اقتصـاد/لا-تبشر-بخير-كواليس-استضافة-محافظ-البنك-المركزي-في-البرلمان
Document.. The Central Bank Decides To Allow Exchange Companies To Participate In The Currency Buying And Selling Window
Policy breaking Central Bank of Iraq 2023-07-23 23:39 Shafaq News/ The Central Bank of Iraq decided, on Monday, to allow “A and B” exchange companies to open deposit accounts with the bank in dinar and dollar currencies, and to participate in the currency buying and selling window.
According to a bank document obtained by Shafaq News agency,
“In order to facilitate cash sales in US dollars for travelers, this bank decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinars and dollars for the purpose of participating in the window of buying and selling foreign currency according to the following controls:
First: the deposit process
- The company submits a request to the accounting department of this bank to open an account in dinars and dollars, and its account will be in dinars for deposits and the dollar account for withdrawals exclusively, provided that it includes the names of the authorized persons.
- The amount of the dinar, which is equivalent to the cash share, is deposited weekly at the selling price (1310) dinars per dollar.
- The company will be provided with a book of checks prepared on its account, which will be opened with us, provided that withdrawals from the book are in sequence.
Second: the withdrawal process
- The managing director or his assistant shall appear with one of his employees for the purpose of signing and fingerprinting in front of the Deposit, Exchange and Cash Division, where he is exclusively authorized to withdraw.
- The withdrawal of the dollar will be within two days from the date of sale, otherwise the sale of the cash share will be refused and the amount will be returned to the company’s account in dinars.
- After verifying the validity of the instrument by the two departments (accounting and internal auditing), the amount will be disbursed to the company.
- A request is sent to the accounting department before the paper book runs out, for the purpose of receiving another book of checks, with the necessity of handing over the stubs of the previous book for the purpose of receiving a new book. https://media.shafaq.com/media/arcella/1690184751108.jpeg
Prime Minister: The Government Continues To Facilitate The Work Of Foreign Companies In Iraq
Political | 02:07 – 07/24/2023 Baghdad – Mawazine News Prime Minister Muhammad Shia al-Sudani affirmed today, Monday, that the government is serious about protecting all diplomatic missions accredited in Baghdad.
The media office of the Prime Minister stated, in a statement that Mawazine News received a copy of, that “Prime Minister Muhammad Shia’ al-Sudani received ambassadors and representatives of diplomatic missions from the European Union and a number of friendly countries.”
During the meeting, the Prime Minister stressed “the need to reject hate speech and extremism, which is embodied in practices offensive to the sanctities and beliefs of peoples, including the incident of abuse and transgression of the sanctity of the Holy Quran and the Iraqi flag.”
He pointed to “the danger of such practices that threaten security and societal peace, in addition to being attacks unrelated to the concepts of freedom of expression,” calling on the European Union countries to “take their role in combating these racist acts and everything that incites violence.”
He stressed, “The government’s responsibility and its seriousness in protecting and achieving the security and safety of all diplomatic missions accredited in Baghdad,” noting that “Iraq is committed to this responsibility in accordance with what was stated in the Vienna Convention on Regulating Diplomatic Relations.”
The Prime Minister reaffirmed “the government’s continuation in facilitating the work of foreign companies in Iraq, and commitment to economic agreements and partnerships with countries of the world.”
He pointed out, “The government adopts the principle of balance in its foreign policy with the countries of the region and the world, and will not allow Iraq to be drawn into conflicts or be an arena for settling scores, but rather is keen to exercise its leading role in the region, and be a place for convergence and building partnerships, through the policy of balance in managing relations, or through the strategic projects that it has recently put forward, such as the development path project and energy projects, which will work to achieve economic integration with the countries of the region, in a way that enhances regional and international stability.”
For their part, ambassadors and representatives of diplomatic missions operating in Iraq renewed “their countries’ condemnation of the crime of burning the Holy Qur’an,” expressing their “welcome of the measures taken by the government to protect diplomatic missions.”
And they conveyed, according to the statement, their countries’ readiness to continue economic cooperation with Iraq, expressing their satisfaction with “the remarkable progress in the file of services and fighting corruption and the clear progress in implementing the government program.”
https://www.mawazin.net/Details.aspx?jimare=231963
Gas Investment.. Saudi Arabia As A Model
Economical 2023/07/25 Walid Khaled al-Zaidi Gas is characterized in particular by being environmentally friendly due to the low percentage of greenhouse gas emissions when it is burned or used compared to what is characterized by the rest of the wealth such as oil, coal, etc.,
but it is similar in its use as fuel to operate machines, engines and production lines that depend on fossil fuels extracted from the ground in both its natural and free types associated with oil extraction processes that can be converted into productive and useful wealth and energy that can cover other needs.
Although the free gas that comes out automatically from the interior of the earth is surprising,
but it is a natural state through which it penetrates to the top through the pores and cracks of the earth’s crust and penetrates into space,
so we see the flames of flames that have been constantly burning for a long time.
And ethane and other materials, and this appears clearly in several areas in Iraq, such as Anbar, Diyala, and near the oil fields in Kirkuk, Basra, and Maysan.
Most of this energy is wasted to this day in our country and the countries of the Middle East rich in oil, with the exception of Saudi Arabia, which is the only country in the region that has invested that wealth, and it is one of the least countries in the world that burns associated gas.
The Kingdom has developed a system for collecting, extracting, transporting and using associated gas for fifty years, while there are many countries that burn it, including developed countries such as the United States of America, although it is the first country to produce it with Russia. E widely as a wealth that can be exported or as a local fuel for the production of energy and high-speed engines or hydrocarbon industries, but this will not happen until after three years.
The Saudi experience is currently within reach after the visit of the Assistant Minister of Energy for Oil and Gas Affairs in the Kingdom to Baghdad a few days ago with a delegation of advisors and Aramco to discuss cooperation, partnership and investment between Iraq and the brothers in the Kingdom to develop this field and comes as a continuation of the results of mutual visits between the two countries.
It is possible to accelerate the conversion of joint projects into actual practical implementation by Saudi companies to invest and participate in the development of oil and gas fields, refining and infrastructure, and in light of the real desire between the two countries to achieve this effectively soon. https://alsabaah.iq/81147-.html
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